In her communication addressed to Speaker Nuquay, President Sirleaf noted that the loan is said to be in the sum of US$29.3 million and shall be repaid over a period of thirty years.
According to the president’s letter read in session yesterday, the purpose of the loan is to generate financing for the Liberia Energy Efficiency and Access Project (LEEAP) in the country.
This project, she said, is an integral component of the larger multi donor program, which according to her, aims to improve access to electricity in Liberia.
“Honorable Speaker, this involves the construction of 46.1 km of transmission lines and 280m of distribution lines from Paynesville to Roberts International Airport (RIA), and from Pleebo, Maryland County to Fish town, River gee Ccounty. The implementing agency of this project shall be the Liberia Electricity Corporation (LEC),” she said.
The communication furthered that “the total worth of this loan agreement comprises the following components: African Development Fund-US$13.35m; Nigeria Trust Fund-USD 10.0m; and Transition Support Facility-6.0m”.
President Sirleaf pointed out that the subject to Section 3.05 of said agreement states that the GOL shall repay the principal of the loan over a period of thirty years, “and, after a ten years grace period commencing from the date of this agreement, at the rate of two percent of the principal per annum from the 11th to the 20th years inclusive and at the rate of four percent of the principal per annum there after”.
Meanwhile the communication was received and forwarded to the committees on Ways, Means, Finance and Development Planning, Judiciary and Public Utilities to report to plenary in two weeks.